They used to be called “additions”.
In my area, this is the result of ridiculous expectations on the part of the home's owners about the value of the home. I've seen homes on the market for months -- even years -- at very high prices, and the owners are in no hurry to sell them right now unless they can get top dollar for them.
I've also seen more detached single-family homes for rent in the last few months than I've ever see before. I suspect this is a case where the owner IS in a hurry to sell it, but won't settle for less than the price they have in their mind ... so they rent it to tenants rather than leave it on the market for months.
I’ve got to ask - are we boomers doing anything right?
If baby boomers don’t downsize out of big suburban homes, younger buyers eager to upsize, especially in this improving economy, can’t find a home to buy.
Well, I’d love to sell but rents here in the Boston area are ridiculous! I’m not going to sell the house to pay close to $2000 a month for an apartment. Our house isn’t that large anyways...about 1200 sq feet.
very articles written about how the liberals want to create a future feudal society by manipulating housing - keep millennials in city apartments and home ownership low so they can be easily controlled by the elites.
The selling costs are too high, the aggravations are enormous and there’s no place to keep the money extracted safe and get a substantial return on it.
The rental house next door to me is for sale.
There’s a house down the street that is actually being renovated during the flipping.
Some people that own two houses rent one to relatives.
Another factor is that houses are built better.
My house will never need painting - it’s stucco on concrete block.
Roofing shingles now last 25 years or more.
I don't get it. There is affordable housing all over the United States. There might not be a Starbucks, or some raghead restaurant serving sheep eyeballs. Intead of Whole Foods, you might have to shop at Food Lion or Kroger, or God forbid, Walmart!.
You might have to give up "diversity" (ha ha ha). You might have to take a cut in pay. Of course, when previously owned real stick built homes can be purchased literally sometimes for as low as 1/10 the price of what the same house would sell for in the city, even a pay cut of 50% and you are still getting ahead.
But stay where you are. I don't want you voting in my county!
How about you can’t get enough money out of your house to buy another one?
What? That reasoning from CNBC makes no friggin sense. If Boomers were selling high priced large homes and buying smaller ones, they would be taking out the difference in price to go shopping, or traveling, meaning a gross draw out of the housing market.
So now if they are NOT doing that, they are keeping their money sitting in housing, that will do the opposite and forestall an eventual decline.
We’re about to put our house in Cleveland on the market.
I paid 70k 20 years ago and that was a good price then.
If we get 55k for it now, I’ll be pretty happy. At one point, years ago, I probably could have reasonably gotten double that.
That price is actually pretty high. A few years ago, I would have been lucky to clear 40k. The neighborhood crashed hard with the housing downturn, and is now just starting to slowly recover. Hope and change.
Lots of new homes going up in central Florida, fwiw.